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When will it end?

TheStreet.com had this to say about the coming week and the state of the markets:

"I don't think we're done going down," says Byron Wien, chief market strategist at Pequot Capital Management. "I think we have a new wave of credit problems surfacing, and I think we're headed for a bottom, but we're not there yet. There's a realization that Fed easing isn't going to solve the problem by itself, that time is necessary, and housing and credit problems are beginning to affect the rest of economy."

"I think we'll reach bottom before the summer, but I don't think the economy will be improving until next year," Wien says.

Bill O'Donnell, rate strategist at UBS, says much of the financial-market risk lies in the hands of very few institutions, and they're all suffering from the same effects of the housing market. "It's unlikely we're going to see stability in the credit markets until we see home prices stabilize, because that's the genesis of all our ills," he says.

Therein lies a problem. Most analysts think stabilization of home prices is still a ways away. Hovnanian Enterprises (HOV) reports earnings on Monday, and Dominion Homes (DHOM) releases on Thursday, which will add to the raft of data in the sector.

No matter what those companies say, the numbers in the housing industry have been awful as of late, and most people aren't looking for a turnaround for months to come. Some people think there won't be a recovery until next year, which could make it even tougher for the overall market to stop the bleeding anytime soon.

"We're not looking to see improvement, just to see a bottom," David Chalupnik, senior managing director at First American Funds. "Then we can become more constructive."

The major indexes continue to founder as the market tries to find its way. The S&P 500 ended Friday at 1293.37, off 2.8% over the week.